Bill > H1349

This bill establishes two separate advisory groups to improve banking and commercial insurance access for microbusinesses and small businesses, particularly those owned by socially and economically disadvantaged entrepreneurs. The first group, the Microbusiness and Small Business Banking Access Working Group, will review state and federal banking programs, analyze laws in other states, and examine opportunities within existing economic development programs to help underserved businesses connect with financial institutions. The second group, the Microbusiness and Small Business Commercial Insurance Special Legislative Commission, will conduct a similar analysis focused specifically on commercial insurance access. Both groups will include diverse representatives from government agencies, legislative committees, business caucuses, and community organizations, ensuring a comprehensive perspective. The commissions are composed of legislators, state officials, business owners, and experts with experience in economic development, nonprofit lending, and addressing racial and gender economic disparities. Each group is required to submit a report with recommendations to the state legislature by June 1, 2026, with the goal of developing policies that can expand financial and insurance opportunities for small and microbusinesses that have historically faced barriers to access.

Business and Industry

https://malegislature.gov/Bills/194/H1349